Accountant salaries swell in Bahrain

Companies in the Middle East are paying a premium to attract expat management accountants to the region, particularly in hardship postings like Bahrain where pay has rocketed by 92% in the past two years.

The Institute for Management Accountants only produce their Middle East salary survey once every two years, and pay increased by 38% to an average of $47.1k across the region to 2012. But it’s in Bahrain where salaries are spiralling.

Since the uprising in Bahrain in 2011, part of the so-called Arab Spring, the kingdom has struggled to attract expat financial services talent, and those that do make the move are demanding a salary uplift of 30% on an equivalent role in Dubai. This is reflected in the salaries being offered to accountants – at an average of $79.2k, compensation is higher than any other Gulf financial centre, and the 92% increase over the past two years easily outstrips other locations.

In Saudi Arabia, typically regarded as a hardship posting for expats, compensation has increased by 51% on average to $50.6k, says the IMA survey, while pay in the UAE has increased by 34% to an average of $73.2k. In Qatar, however, salaries have slipped by 2% to $65.5k.

The general increase in salaries for accountants is down to heightened demand for expat expertise across the region, and in most sectors including financial services, suggests James Maidlow, manager, Robert Half Financial Services in Dubai.

“We’re seeing additional demand for management accountants throughout the Middle East, particularly in the regional and international banks due to the need to provide more accurate business performance and forecasting skills to maintain tighter accounts,” he says.

Firms are particularly keen to hire in expat expertise that cannot be found among the local population, despite localisation efforts. Regulatory and financial reporting skills are particularly in demand, says Maidlow, as well as financial planning and analysis.